Indian Stock Markets Today: Rangebound Near Support Levels

The current trend in the Indian stock market is negative but major indexes have become range-bound near their support levels after big drops in the last few sessions.

From here these markets can take two directions. One, the support will start getting stronger and a trend reversal will take place. Two, the negative trend will continue to dominate and after a small bounce back, by these markets will again return to the downtrend.

The trend reversal will come when any index starts trading above the 20-day Moving Average on its hourly chart. For example, for Nifty this level comes Around 11,600, which was the previous support and now has become a resistance level.

So, for Nifty the trend reversal will happen when it starts trading above 11,600 and sustains above this level. Otherwise, this will continue to be a current resistance for Nifty.

Intraday support and resistance levels are provided on our Pivot Trading page. For major indexes, these levels are: